Citing annual losses of more than $1 million in recent years, the owners of Pasadera Country Club plan to file for bankruptcy reorganization today.

Monterey-based Pasadera Country Club, LLC, had been in discussions with the Trump Organization last year about a potential sale, but the deal fell through in December over loan conditions and the threat of lawsuits.

Several other buyers expressed interest in the operation, but declined because of the risks of litigation, said David Armanasco, whose Monterey firm, Armanasco Public Relations, Inc., was handing inquiries.

Since opening the private golf course and country club in 2000 at Pasadera, a 375-acre luxury community along Monterey-Salinas Highway, its owners have invested more than $40 million in the venture, he said.

The bankruptcy filing won’t affect operations for club members, said Armanasco, and staffing levels will remain intact.

Golf and club operations include the 18-hole Jack Nicklaus Signature golf course, a fitness center, a pool and spa, tennis courts, a restaurant and club facilities. The residences are not affected by the filing.

Pasadera Country Club’s primary creditor is Rabobank, which is owed approximately $8 million, said Armanasco, but he said the group is current on its loan payments.

The goal, he said, is to allow membership operations to continue normally while the partners work to find an investor or buyer to take over operations.

The owners met with club members late

Wednesday to inform them of their plans.

“The primary issue here is that the founding partners that make up the ownership group want to do everything that they can to preserve the membership position at Pasadera.

“Our commitment to our members is first and foremost,” said Tom deRegt, a Pasadera Country Club founding partner, in a prepared statement. “We are hoping the reorganization will enable us to find an investor or buyer for the property who will serve as a steward to complete the dream we have started.”

The golf club has 276 active members in various membership categories, Armanasco said.

Golf clubs aren’t immune to the flailing economy. Since the fall, several members ceased paying monthly dues.

“It’s really a result of the economy,” Armanasco said.

The club’s owners raised monthly dues last year, he said, but decided to roll back the increases because of the tough economy.